MNA – The Export–Import Bank of Korea has voiced willingness to finance civil and infrastructure projects of Iran.


Iran’s Economy Minister Ali Tayebnia, who is in South Korea to attend the 2nd AIIB Annual Meeting, met and talked with Lee Duk-Hoon, Chairman and President of Export–Import Bank of Korea, also commonly known as the Korea Eximbank (KEXIM).

Negotiations were held at the joint meeting over financing Iran’s civil and infrastructure projects in energy, petrochemical, oil and health sectors.

An agreement was also reached on the final draft of the long-negotiated deal for opening a Line of Credit (LOC) worth eight billion euros.

The South Korean side also expressed eagerness to supply necessary financial resources to Iranian projects and called for introduction of projects in energy, petrochemical, oil and health arenas as well as for presence of Korean companies in Iran.

The Iranian economy minister, while pointing to positive economic developments and abundance of emerged opportunities in Iran, emphasized that great potentials for collaboration led numerous countries to voice readiness for economic and financial cooperation with Iran.

“Determination and Seriousness of the Korean side can pave the path for implementation of previously-signed agreements between the two countries,” Tayebnia concluded.

On the sidelines of 2017 AIIB Jeji, the Iranian minister met with his South Korean counterpart Dong-yeon and the two sides exchanged views of economic issues like creating credit lines between the two sides and opening branches of Iranian financial institutions in South Korea.

The 2nd Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) to be held in the city of Jeju from June 16-18, 2017.

Accordingly, talks with South Korean banks over creation of LOCs are being finalized though agreements need to be reached by ministers of the two countries in order to resolve certain issues.